In a competitive market, merchants often go to great lengths to attract and retain customers to help maintain and expand business. Traditionally, merchants have monitored prices for items (including goods, services, or both) offered by their competitors so as to, among other things, offer their own items at a competitive price.
Frequently, a merchant may people, which may be agents (e.g., price verification agents) of the merchant, check the prices of its competitors. These agents may visit a competitor's store and record prices for items being offered by the competitor. The merchant may then use this information of the competitor's prices for items in setting its own prices of the same, or comparable, items. However, employing agents to check prices of competitors is labor intensive, and hence expensive, and time consuming.
Some merchants check advertisements, by their competitors, for items being offered by their competitors to monitor their competitor's pricing. However, the advertisements normally reflect “sale” prices, and consequently, prices for advertised items may not reflect normal prices for the goods, the services or both when the goods, the services or both are not being advertised. In addition, monitoring competitor's advertisements is labor intensive, and hence expensive, and time consuming.
Some merchants check their competitor's websites for commercial information such as items being offered by their competitors and corresponding prices. However, there may be discrepancies between items being offered at a competitor's brick and mortar store and a website of the competitor. Similarly, there may be discrepancies between prices for the same items being offered by the competitor at the competitor's brick and mortar store and website. Further, if the competitor has multiple brick and mortar stores, there may be regional discrepancies in prices and/or in goods, service, or both between the multiple brick and mortar store and/or the competitor' website.